Question

Aiden ipens a savings account with a deposit of 4500. The account pays 3% simple interest.3. If Aiden does not make any more deposits or withdrawals, how much will he have in the account at the end of two years?A 4527B 4635C 4680D 4774E 4905

Answer 1

Answer: $4, 770

Aiden deposit $4500 into her account with an interest rate of 3%

Time = 2 years

Using the Simple Interest

`\begin{gathered} I\text{ = }\frac{P\text{ x R x T}}{100} \\ P\text{ = \$4500} \\ R\text{ = 3\%} \\ T\text{ = 2} \\ I\text{ = }\frac{4500\text{ x 3 x 2}}{100} \\ I\text{ = }\frac{4500\text{ x 6}}{100} \\ I\text{ = }(27000)/(100) \\ I\text{ = \$270} \\ \text{The total amount in her account is } \\ \text{Balance = Principal + Interest} \\ \text{Balance = \$4500 + \$270} \\ \text{Balance = \$4, 770} \end{gathered}`